West STL News

Congresswoman Ann Wagner (R-MO), who serves as Chair of the House Financial Services Subcommittee on Capital Markets, announced that her Financial Exploitation Prevention Act has been unanimously approved by the House Financial Services Committee.

“We are facing a growing crisis that is often hidden in plain sight: the financial exploitation of our most vulnerable citizens. This issue affects millions, robbing them of their life savings and sense of security.  For too long, the financial industry has been limited in its ability to combat this insidious crime.  My Financial Exploitation Prevention Act empowers the people who are in the best position to intervene and stop financial abuse before it’s too late.  Crucially, it allows financial institutions to temporarily delay a transaction if they have a reasonable belief that it is the result of financial exploitation.  Tools like this will help better protect those who are 65 or older, as well as those with mental or physical impairments who are unable to protect their own interests. I am grateful the full Committee passed this legislation today, and I look forward to the House as a whole taking this up,” Wagner said.

The proposed legislation aims to provide more effective measures for addressing suspected cases of financial exploitation involving seniors and adults with mental or physical disabilities. The bill requires the Securities and Exchange Commission to submit recommendations to Congress regarding legislative and regulatory changes needed to combat such exploitation. It also authorizes mutual funds and their transfer agents to delay redemption requests when there is reasonable suspicion that a senior or vulnerable individual is being financially exploited.

By 2030, individuals aged 65 and older will represent 18% of the U.S. population, increasing concerns about potential financial exploitation among retirees. A 2023 AARP report estimates Americans age 60 and over lose approximately $28.3 billion each year due to such crimes.

Ann Wagner has represented Missouri’s 2nd district in Congress since 2013 after succeeding Todd Akin (https://wagner.house.gov/about/full-biography). She was born in St Louis in 1962 and resides in Ballwin. Wagner graduated from the University of Missouri with a BS degree in 1984.